How to Buy Crypto with NAB

Summary: National Australia Bank does not currently offer direct cryptocurrency investing services through its online banking interface. NAB account holders can access this asset class by transferring AUD to digital asset exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

For NAB clients interested in cryptocurrency, eToro adheres to AUSTRAC's regulatory framework and supports AUD deposits. With a selection of over 4,500 assets, including cryptocurrencies, stocks, and ETFs, eToro is a versatile platform for diversifying investment portfolios.

Can I Buy Crypto with NAB?

Yes, National Australia Bank approves fund transfers to Australian cryptocurrency exchanges that adhere to the Australian Transaction Reports and Analysis Centre's (AUSTRAC) financial regulations. NAB has implemented stringent measures to block payments to platforms deemed high-risk, aiming to protect customers from scams and financial crimes. ​The bank facilitates Australian Dollar deposits to licensed exchanges via bank transfer, PayID, and card options.

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How to Buy Crypto with NAB Bank

NAB customers should use eToro for investing in cryptocurrency as it is one of the bank’s approved digital asset exchanges. This platform facilitates easy AUD transfers, accepting methods such as bank transfers, PayID, and debit and credit cards. eToro has an extensive collection of over 4,500 cryptocurrencies, stocks, commodities, and ETFs, catering to diverse investment strategies.

National Australia Bank clients can begin trading digital assets with these four steps:

1. Account Registration: Start by setting up your eToro account, followed by completing the verification procedures.
2. Deposit Funds: Proceed to the 'Deposit' area in eToro, usually situated in the interface's lower left. Here, you can add funds to your account.
3. Currency and Transfer Selection: Select 'AUD' as your preferred currency and choose a suitable transfer method linking your NAB account.‍
4. Investment in Cryptocurrency: Post-deposit, use eToro’s intuitive search function to locate and invest in your desired cryptocurrency.

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What are the Fees?

If it’s your first time using a cryptocurrency exchange, understanding the associated costs is essential for making well informed financial decisions. These charges typically include deposit and withdrawal fees, transaction charges, and the spread, which is the difference between the buy and sell prices on a platform.

eToro is the most affordable option for NAB users as it has competitive fees and free AUD deposit support through PayID, bank transfers and other methods. eToro typically charges around 1% spread on crypto trades, favourably lower than platforms like CoinSpot, where spreads often exceed 2%. 

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Is National Australia Bank Crypto-Friendly?

Yes, National Australia Bank is considered crypto-friendly and has adopted security measures to help its users avoid scams and financial crimes. NAB has implemented a banned list of suspicious platforms that users cannot send funds to. However, it allows customers to transfer funds to regulated exchanges under the oversight of the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This policy enables NAB clients to venture into digital asset investments within a structured and regulated framework. Adhering to AUSTRAC's stringent regulations, the bank offers a safe method for users looking to diversify their portfolios with cryptocurrencies while aligning with local and international financial regulatory standards.

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Bottom Line

In conclusion, while National Australia Bank does not directly facilitate cryptocurrency transactions, it facilitates transfers to AUSTRAC-registered exchanges. eToro offers a compliant and secure investment environment to buy, sell and trade over 4,500 digital currencies, stocks, commodities and ETFs with competitive fees. It also offers unique features like CopyTrader, a service that allows users to mimic the trades of successful investors.